The housing market in New York City is undergoing a significant shift, with suburbs now outpacing Manhattan in terms of home prices. Once a top contender, Manhattan has dropped from the third most expensive housing market in the U.S. in 2019 to 15th place as of March 2025. The average home price in Manhattan has fallen from $1.35 million in early 2019 to about $1.13 million today, marking a loss of $222,000, or 16%.
This decline can be largely attributed to the pandemic, which prompted many residents to leave the city for suburban living. The Bronx also experienced a downturn, with home prices dropping by approximately $65,000, or 12%, since the pandemic began. In contrast, neighborhoods like Brooklyn, Queens, and Staten Island have seen their home values rise, although all five boroughs have slipped in national rankings.
In Brooklyn, the average home price increased by about $104,000, rising from $762,954 in 2019 to $867,337 in 2025, despite the borough falling from 14th to 33rd place among U.S. counties. Queens also saw a notable increase, with home values climbing from $384,600 to $581,000.
Meanwhile, the suburbs of New Jersey have experienced a housing boom. In Monmouth County, for example, home prices surged by an impressive $276,237, increasing from $436,149 in 2019 to $712,386 in 2025. This surge has propelled Monmouth County up the rankings from 82nd to 60th in terms of home prices nationwide.
Experts suggest that the trend of wealthy individuals moving to the suburbs is likely to continue. Ralph DiBugnara, president of Home Qualified, noted that these shifts have pushed suburban home values above those in New York City. He believes that Manhattan’s home prices may keep declining due to a high inventory of unsold properties.
Other areas in New York, including Nassau, Suffolk, Westchester, and Rockland counties, have also seen price increases, although only Rockland and Suffolk improved their rankings.
The most expensive county in the U.S. remains Nantucket, Massachusetts, where the average home price jumped from $1.76 million in 2019 to $2.75 million in 2025. In stark contrast, McDowell County, West Virginia, is the cheapest, with an average home price of just $35,806, down from $48,122 in 2022.
As the overall average home value in the U.S. rises to about $358,000—up nearly 39% from 2019—New York’s housing market reflects broader trends of migration and changing preferences in homeownership. The dynamics of urban and suburban living continue to evolve, leaving many to wonder what the future holds for city living.